Steinberg Asset Management, LLC (New York)

Name: Steinberg Asset Management, LLC
Address: 12 East 49 Th Street, New York, NY, 10017
Telephone: 212-980-0080

Steinberg Asset Management, LLC is a large advisory firm based in New York. It manages $366.91 million of regulatory assets for 97 client accounts. It has been registered with the SEC as an adviser since 2004 and has operated in the jurisdictions of California, Delaware, Louisiana, and 3 other states.

Steinberg Asset Management provides portfolio management for individuals and small businesses, portfolio management for pooled investment vehicles, and portfolio management for businesses and institutional clients. It doesn't provide financial planning services to its clients. On top of advisory services, the firm doesn't engage in other business activities.

Steinberg Asset Management: assets under management

The assets under management (AUM) of Steinberg Asset Management, LLC is $366.91 million, all of which is managed in discretionary accounts. The firm's AUM has gone down by -71% since the beginning of its operation, and $207.53 million of the total AUM is attributable to clients outside of the United States.

The firm manages $366.91 million in discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $3.78 million each.

Steinberg Asset Management has custody of $31.2 million in cash and securities for 3 clients in total but doesn’t act as a qualified custodian.

Investments

The firm invests in exchange traded securities the most. They account for 84% of the total AUM. The second-largest asset type is cash and cash equivalents, which make up 16% of the firm’s portfolio.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Steinberg Asset Management, LLC for their services and products based on a percentage of assets under management and performance-based fees. The adviser charges an additional fee when a set benchmark is outperformed. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients Steinberg Asset Management serves?

The firm provides services to individuals, high net worth individuals, and pooled investment vehicles. The largest group of clients of Steinberg Asset Management is pooled investment vehicles with 10 clients and $233.11 million of assets under management. Among the 5 most similar advisory firms, Steinberg Asset Management has the 2nd highest percentage of pooled investment vehicles out of all clients.

The amount of regulatory assets under management is $332.56 million for 89 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. 3% of the firm’s clients are foreign persons or businesses.

Steinberg Asset Management also advises several private funds. Namely, two hedge funds. The minimum investment commitment required of non-related persons is $1,000,000 for each fund.

Careers at Steinberg Asset Management, LLC

The company employs 11 people that are either part- or full-time employees. 45 percent of the employees work as investment advisers or researchers. No employees are registered as investment adviser representatives with the state securities authorities.

There are 3 people with the role of looking for and bringing in new clients on behalf of the firm. The firm doesn’t compensate employees in addition to the salary for bringing in new clients. Employees don’t receive compensation from other entities for client referrals.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
Michael Alan Steinberg	Managing director	1 Jan 2002	Other	434849
Steven Leon Feld	Managing director/chief compliance officer/chief financial officer	1 Jan 2002	Other	1283923
Steinberg Asset Management Co. Inc.	Member	1 Jan 2002	75% - 100%	13-3138743
Steinberg Priest Capital Management Co. Inc.	Member	1 Jan 2002	75% - 100%	108877
Steven Leon Feld	Chief compliance officer	1 May 2003	Other	1283923
Justin Samuel Steinberg	Managing director	1 Feb 2008	Other	5162541

Indirect Owners

The SEC currently registers 4 indirect owners.

Name	Entity	Date acquired	Ownership	Employer ID
Michael Alan Steinberg	Shareholder	1 Nov 1982	50% - 75%	434849
The Steinberg Family 2001 Trust	Shareholder	1 Dec 2001	25% - 50%	13-7345966
Ted Carleton Krumland	Trustee	1 Dec 2001	Other	4498739
David Gruenstein	Trustee	1 Jul 2009	Other	5771636

Based in New York

The principal office where Steinberg Asset Management, LLC performs its advisory services is located at 12 East 49 Th Street, New York, NY 10017, which is also the mailing address of the firm. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 212-980-0080 or by fax 212-980-8890. The normal business hours are 9 a.m. to 5:00 p.m. on Monday - Friday. You can find more information about the New York firm at samny.com.